By: Furniture World Magazine\u00c2\u00a0<\/p>\n
Furniture Brands International announced its financial results for the first quarter of 2013.<\/p>\n
<\/p>\n
Operating Results \u00e2\u20ac\u201c First Quarter
\nNet sales for the first quarter of 2013 were $661.4 million, compared with $641.6 million in the first quarter of 2012, an increase of 3%.
\n
\nNet earnings for the first quarter were $30.2 million, up from $24.8 million in the first quarter of last year. Net earnings per diluted common share were $0.61, as compared to $0.46 in the first quarter of last year ($0.45 pro forma for $1.1 million of net stock option expense).<\/p>\n
Included in the 2013 first quarter net earnings was $5.4 million ($0.11 per diluted common share) from the recognition of an accounting gain on interest rate swaps as a result of the refinancing of the company\u00e2\u20ac\u2122s revolving credit facility, which occurred early in the second quarter. Also included in the 2013 first quarter net earnings were restructuring, asset impairment and severance charges totaling $0.5 million ($0.8 million before income tax benefits) or $0.01 per diluted common share. The 2012 first quarter net earnings were negatively impacted by restructuring, asset impairment and severance charges totaling $2.5 million ($3.8 million before income tax benefits) or $0.05 per diluted common share.<\/p>\n
Management Comments<\/p>\n
W. G. (Mickey) Holliman, Chairman and Chief Executive Officer, commented: \u00e2\u20ac\u0153We were generally pleased with the results of the quarter. We continue to see mixed results between our Brands, with weakness in one being offset by strength in another. As a whole, however, the stronger performing Brands \u00e2\u20ac\u201c particularly Thomasville and Lane \u00e2\u20ac\u201c drove meaningful year over year improvements.<\/p>\n
\u00e2\u20ac\u0153In the longer-term, we continue to pursue the strategies that will drive both growth and profitability across the company. Our senior leadership team is focused on building our Brands through aggressive service initiatives, product development and consumer research. Our logistics and supply chain, sourcing, and retail development processes are being streamlined across all our Brands to support these initiatives.<\/p>\n
\u00e2\u20ac\u0153During the first quarter we repurchased 1.0 million shares of our common stock.\u00e2\u20ac\u009d<\/p>\n
Outlook<\/p>\n
Mr. Holliman concluded, \u00e2\u20ac\u0153With respect to the second quarter, we currently expect net sales to be up in the low single digits versus the second quarter of last year and net earnings per diluted common share to be in the $0.29 to $0.33 range. This includes the effect of $0.03 in previously disclosed restructuring, asset impairment and severance charges. This also includes the effect of $0.03 in increased interest expense due to the upfront recognition of the accounting gain on a cash flow hedge. As is our practice, we will provide an update on our second quarter expectations in early June.\u00e2\u20ac\u009d<\/p>\n
Furniture Brands International is one of America\u00e2\u20ac\u2122s largest residential furniture companies. The company produces, sources and markets its products under six of the best-known brand names in the industry \u00e2\u20ac\u201c Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland-Smith.<\/p>\n","protected":false},"excerpt":{"rendered":"
By: Furniture World Magazine\u00c2\u00a0 Furniture Brands International announced its financial results for the first quarter of 2013. Operating Results \u00e2\u20ac\u201c First Quarter Net sales for the first quarter of 2013 were $661.4 million, compared with $641.6 million in the first quarter of 2012, an increase of 3%.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-614","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=614"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/614\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}